Regulatory Agreeement for ROEM - Laserfiche WebLink

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3.5 Annual Operating Budget. The Owner, at least sixty (60) days prior to the end of each of the Owner's fiscal year, shall furnish the City an Annual Operating Budget. Upon receipt by the City of the proposed Annual Operating Budget, the City shall promptly review the same and approve or disapprove it within ten (10) business days. If the Annual Operating Budget is not approved by the City, the City shall set forth in writing and notify the Owner of the City's reasons for withholding such approval. The Owner shall thereafter submit a revised Annual Operating Budget for City approval, which approval shall be granted or denied within ten (10) business days in accordance with the procedures set forth above. 3.6 Approval of Use of Reserve Funds. The Owner agrees to create and maintain the reserves required by the Approved Financing (as defined in the Loan Agreement) and the reserves in the amounts approved by the City as part of the Financing Plan submitted by the Owner pursuant to Section 2.4 of the Loan Agreement. Reserves established to satisfy the requirements of the Approved Financing loans may satisfy the requirements of this Section 3.6. Prior to the use of funds from the reserves, the Owner must submit a written request to withdraw funds from the reserve account. The written request shall specify the amount requested and state how the funds will be used and specify if the expenditure is being required by a Senior Lender or the Investor Limited Partner. The City shall approve such request within thirty (30) days of receipt of the written request for use of reserves; such request shall not be unreasonably withheld. If the City fails to approve a request within the thirty (30) days, such request shall be deemed approved. 3.7 Resident Services Plan. (a) Not less than six (6) months prior to completion and not less than sixty (60) days prior to the end of the Owner's fiscal year thereafter, Owner shall furnish to the City a draft "Resident Services Plan." Upon receipt by the City of the proposed Resident Services Plan, the City shall promptly review the same and approve or disapprove it within ten (10) business days. If the Resident Services Plan is not approved by the City, the City shall set forth in writing and notify the Owner of the City's reasons for withholding such approval, which may include a request by the City for a change in the nature or scope of resident services or a change in service provider, consistent with applicable low income housing tax credit regulations. The Owner shall thereafter submit the revised Resident Services Plan within ten (10) business days of notification of disapproval. The City shall either approve or disapprove the submitted revised Resident Services Plan within ten (10) business days of the date such revised Resident Services Plan is received by the City, and shall approve the revised Resident Services Plan if the requested changes have been made. (b) If, as a result of a periodic review, the City determines, in its reasonable judgment, that the Residents of the Development are not receiving material services and/or there is a failure to achieve outcomes identified in the approved Resident Services Plan, the City shall deliver notice to the Owner of its intention to, in addition to any other remedies available to the City hereunder, require the Owner to: (1) replace the resident service coordinator or resident services provider; or (2) meet in good faith to consider methods for improving the resident services being offered to Residents of the Development; or (3) deliver notice to the Owner requiring the Owner to cause the replacement of the resident services coordinator or resident services provider with a resident services coordinator or resident services provider selected by the City. 1199\09\2724482.6 11